Renault SA Correlations

RNLSY Stock

USD 10.68 0.06 0.56%

The current 90-days correlation between Renault SA and Subaru Corp ADR is 0.34 (i.e., Weak diversification). The correlation of Renault SA is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Renault SA Correlation With Market

Modest diversification

The correlation between Renault SA and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Renault SA and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Renault SA could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Renault SA when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Renault SA - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Renault SA to buy it.

Moving together with Renault Pink Sheet

0.69	BYDDY	BYD Co	Pair Corr
0.66	BYDDF	BYD Limited Earnings Call This Week	Pair Corr
0.77	VWAGY	Volkswagen AG 110	Pair Corr
0.77	MBGAF	Mercedes Benz Group	Pair Corr
0.77	MBGYY	Mercedes Benz Group	Pair Corr
0.72	VLKPF	Volkswagen AG VZO	Pair Corr
0.75	VWAPY	Volkswagen AG Pref	Pair Corr
0.76	VLKAF	Volkswagen AG	Pair Corr
0.79	AVAL	Grupo Aval	Pair Corr
0.61	WF	Woori Financial Group	Pair Corr
0.79	BCH	Banco De Chile Normal Trading	Pair Corr
0.84	BMRA	Biomerica	Pair Corr
0.71	MTNOF	MTN Group Limited	Pair Corr
0.67	FTBYF	Fortune Bay Corp	Pair Corr
0.62	WOR	Worthington Industries	Pair Corr
0.7	ULS	UL Solutions	Pair Corr
0.66	SBOX	QuantumKore	Pair Corr
0.63	CRHKF	China Resources Beer	Pair Corr
0.8	ARHVF	Archer Limited	Pair Corr
0.75	MIDD	Middleby Corp	Pair Corr
0.83	MGYOY	MOL PLC ADR	Pair Corr

Moving against Renault Pink Sheet

0.34	KB	KB Financial Group	Pair Corr
0.39	ASLRF	Alien Metals	Pair Corr
0.8	WKHS	Workhorse Group	Pair Corr

Related Correlations Analysis

	MZDAF	FUJHY	NSANY	BMWYY	ISUZY	YAMHF	MZDAY	MBGAF	MBGYY
MZDAF		0.76	0.0	0.0	-0.41	-0.56	0.7	0.47	0.47	MZDAF
FUJHY	0.76		0.0	0.0	-0.47	-0.48	0.83	0.69	0.69	FUJHY
NSANY	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	NSANY
BMWYY	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	BMWYY
ISUZY	-0.41	-0.47	0.0	0.0		0.44	-0.23	-0.51	-0.51	ISUZY
YAMHF	-0.56	-0.48	0.0	0.0	0.44		-0.41	-0.53	-0.54	YAMHF
MZDAY	0.7	0.83	0.0	0.0	-0.23	-0.41		0.48	0.48	MZDAY
MBGAF	0.47	0.69	0.0	0.0	-0.51	-0.53	0.48		1.0	MBGAF
MBGYY	0.47	0.69	0.0	0.0	-0.51	-0.54	0.48	1.0		MBGYY
	MZDAF	FUJHY	NSANY	BMWYY	ISUZY	YAMHF	MZDAY	MBGAF	MBGYY

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

MBGYY	+ 1.0	MBGAF
MZDAY	+ 0.83	FUJHY
FUJHY	+ 0.76	MZDAF
MZDAY	+ 0.7	MZDAF
MBGAF	+ 0.69	FUJHY
MBGYY	+ 0.69	FUJHY

High negative correlations

YAMHF	- 0.56	MZDAF
MBGYY	- 0.54	YAMHF
MBGAF	- 0.53	YAMHF
MBGYY	- 0.51	ISUZY
MBGAF	- 0.51	ISUZY
YAMHF	- 0.48	FUJHY

Risk-Adjusted Indicators

There is a big difference between Renault Pink Sheet performing well and Renault SA Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Renault SA's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MZDAF	1.53	0.06	0.05	(0.21)	2.04	(3.49)	4.76	(4.75)	13.88
FUJHY	1.42	0.32	0.16	0.60	1.68	(1.43)	3.07	(2.88)	11.91
NSANY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BMWYY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ISUZY	1.07	0.00	0.00	(0.09)	0.00	0.00	1.91	(2.15)	7.50
YAMHF	1.29	0.04	0.03	0.01	2.14	(2.04)	3.24	(3.08)	14.86
MZDAY	1.48	0.24	0.12	0.21	1.91	(1.61)	3.32	(2.81)	9.34
MBGAF	1.40	0.25	0.18	0.36	1.47	(1.60)	3.03	(2.25)	7.12
MBGYY	1.29	0.25	0.16	0.34	1.43	(1.31)	3.02	(2.35)	6.97

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Our tools can tell you how much better you can do entering a position in Renault SA without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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